Tax compliance hazards loom for unwary buyers of homes and other types of real property located in the United States. A buyer who fails to withhold 10 percent from the purchase price and remit this amount to Internal Revenue Service may be held liable for U.S. tax that a foreign seller was supposed to […]
Using 1031 Exchanges for Maximum Tax Benefits by Edward N. Cooper A tax-deferred exchange, commonly called a 1031 exchange, can be an effective strategy for real estate investors. After several years in decline due to erratic property values, we are seeing an increase in their use. 1031 exchanges minimize taxes when qualified properties are sold […]
Wealthy citizens of foreign countries can earn profit and permanent residency in the United States, and Florida real estate is a popular asset class among these investors. The state’s resurgent residential, commercial and hospitality property markets have stoked interest in the federal government’s Immigrant Investor Program, better known as the “EB-5” program. The program provides […]
Rich Pollack was a panelist in the forensics discussion of the Bankruptcy Bar Association’s 2013 retreat. The case study and commentary generated a lively debate moderated by Judge Robert Mark. Click here to see the slide show.
Everyone knows that April 15 is the annual deadline to file individual tax returns and make payments. While extensions are possible for many situations, failing to file or pay can result in penalties. Here are the facts.
When individuals receive late 1099s or other proof of income, an amended return is in order. It is important, but not complicated, to file an amended return. Here are some things to keep in mind. Taxpayers should file an amended tax return if there is a change in filing status, income, deductions or credits. Your […]
There is no doubt that Florida is a magnet for fraud. In fact, the IRS conducted a pilot program in the state to work more closely with law enforcement in an effort to crack down on stolen identity and stolen tax refunds. The program was recently expanded to all 50 states after showing success in […]
The US Senate recently approved legislation that will require online retailers to collect sales taxes from online purchases even if the retailer does not have a physical presence in the city in which the consumer resides. The Marketplace Fairness Act has attracted wide support from brick-and-mortar retailers who have seen shoppers come to their stores […]
In order to compete today, business owners must keep one eye on the developing issues and one eye on the controls that create checks and balances. It is not imperative to develop to adopt a gold standard of corporate governance but there are initiatives that can make a big difference. Adopting programs such as an […]
Despite swiftly passing through the Florida Senate and House by wide margins, an alimony reform bill was vetoed by Governor Rick Scott. The governor’s office reported that he was concerned about retroactive clauses that would have allowed many settled cases to be reopened for modifications. This could result in significantly reducing or even eliminating […]